Convincing your employer to pay for your MBA is about assuring your boss that he or she is investing in the company by funding your education.
It’s tough to convince someone to invest tens of thousands of dollars in your graduate degree – he or she will be wondering, ‘How does this benefit the firm at all?’ Your job is to be as persuasive as possible in arguing that funding your education will provide a return on investment for the company. With the recovery humming along slowly but surely, some employers may be more willing to fund an education if they firmly believe that it will benefit the company long term.
An MBA can be beneficial to many financial professionals – such as those with accounting jobs – and subsequently prove advantageous to a company as a whole.
When you approach your boss about paying for your education, you should have a very strong argument prepared. You will need to demonstrate the value you have already brought to the company through previous projects, and illustrate how your work can be enhanced through the acquisition of an MBA. Take a look at the big projects that you have tackled in the past. How did they benefit your employer? You may have to crunch some numbers in order to determine the exact value of your work for the company. Either show how your work brought in additional funds for the company, or demonstrate how you were able to save money.
“You can put together a full presentation about how you’ve benefited the company in your time their, and how much more valuable you will be with an MBA.”
You can even put together a full presentation about how you’ve benefited the company during your time there, and how much more valuable you will be with an MBA. Really delve into the numbers and put together graphics visualizing how essential you are to business growth.
Also describe to your employer how your education can benefit the company in the immediate. As a graduate student you will be exposed to the latest in academic ideas – thoughts which you can take back to the office and preach to your peers. Relate to your boss how he or she can start seeing the benefits of your education sooner rather than later through the principles you will be able to bring to the office.
Don’t forget to reassure your employer that you won’t take advantage of your newly acquired MBA to jump to another company. No company is eager to pay for the advancement of a competitor, so assure your boss that you’ll stick around after you acquire your new degree. You can even prove your commitment to the company by signing a contract guaranteeing time with company should your MBA be paid for.
An investment in your education is a contribution to the continued growth of the company, so make sure your boss is fully aware of that when convincing him or her to pay for your MBA.